China to merge three major asset managers into China Investment Corp -Xinhua By Reuters

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<span>© Reuters. FILE PHOTO: The sign of China’s Ministry of Finance is pictured in Beijing, China August 23, 2018. REUTERS/Jason Lee/File Photo</span><br />
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<p>BEIJING (Reuters) – China plans to merge China Cinda Asset Management, Orient Asset Management and Great Wall Asset Management into China Investment Corp (CIC), state-run Xinhua Finance News reported on Sunday citing unidentified industry insiders.</p>
<p>The merger is part of a plan to reform financial institutions, Bloomberg News cited Xinhua as saying.</p>
<p>The Ministry of Finance is the largest shareholder of China Cinda, Orient and Great Wall, state-owned China Fund News reported.</p>
<p>The three asset managers have dozens of branches across provinces and assets totalling billions of yuan.</p>
<p>The government established CIC in 2007 to diversify foreign exchange holdings and seek maximum returns, its website showed. It has registered capital of $200 billion. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/china-to-merge-three-major-asset-managers-into-china-investment-corp-xinhua-3285402">Source link </a></p><p>The post <a href="https://forextraderhub.com/china-to-merge-three-major-asset-managers-into-china-investment-corp-xinhua-by-reuters.html">China to merge three major asset managers into China Investment Corp -Xinhua By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>